Most people when they are buying a home have a lot on their minds and a hundred things to consider. If we are honest, most of us aren’t thinking about flooding issues though. Flooding isn’t something that happens all that often for most people, and it isn’t something you tend to have happen multiple times throughout your lifetime. That is, unless you purchase a home that is at high risk for flooding, and even if you don’t there is always risk.
Statistically, floods are not likely to happen to you, but no one wants to be on the other side of that statistic. There are few things as devastating as natural disasters, and a flood is no exception. Flooding can result from frequent rain, flooding rivers, and inclement weather, but it can happen for other reasons too. For example, construction might divert excess water, a dam may break or get overrun, or some other kind of water system malfunction. In fact, government reports indicate that over 20% of insurance claims from flooding come from homes located in ‘low risk’ zones.
When even in low risk areas there is always a perpetual minimum likelihood of flooding, it’s important to do your background research when purchasing a home or property.
Depending on the area you are buying in, insurance for flooding can be a big deal. Most home-owner insurance doesn’t include flood insurance in their packages, and you’ll have to purchase it separately. Higher-risk areas can make insurance rates for flood insurance much higher, some areas even require you to have it if you own a home there.
On average, the cost of flood damage nationwide is high. In a 1000 square foot home is just under $11,000 for just one inch of water. From there, over $20,000 for 6 inches, $27,000 for a foot, and roughly $40,000 for 4 feet of water. The larger the home, the higher the costs. Double the size can mean double the cost.
When it comes to flood damage prevention, knowledge is 90% of the battle. Various websites like Flood Tools and Fema’s site can help you do background checks on the areas you are looking at moving into. In addition, if you’re using one, your real estate agents are likely to know the area you are hoping to move to and can provide information.
If you have suffered water damage from flooding, or think you may be at risk, and want to learn more about your options, tour the rest of our website.
